Title
GBPJPY 4H | Bullish Continuation
Type
Bullish Trend
Preference:
The price is falling toward the 1st support at 191.73, a pullback support. A bounce from this level could drive the price towards the pivot level at 193.21, and if momentum persists, further upside towards the 1st resistance at 194.53, a pullback resistance that aligns close to the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the 1st support at 191.73, it may fall further towards an overlap support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.